Economy
Petrol Pricing: CNPP Accuses NNPC of Economic Sabotage
By Aduragbemi Omiyale
The Conference of Nigeria Political Parties (CNPP) has again hit hard at the Nigerian National Petroleum Company (NNPC) Limited, accusing it of economic sabotage.
In a statement signed by its Deputy National Publicity Secretary, Mr James Ezema, the group claimed the state-owned oil agency has continued to hold the nation to ransom over its interference in the distribution of locally refined petroleum products.
CNPP, in the statement made available to Business Post, expressed deep concern about the lingering controversy surrounding the pricing of petrol from the Dangote Refinery and the role of the NNPC in the matter, stressing that the unresolved issue has far-reaching implications for the economy, livelihoods, and democracy in Nigeria and Africa.
The association warned that, “The failure to address this crisis may lead to catastrophic consequences for democracy in Nigeria and Africa, stating that it will continue to stand in solidarity with the Nigerian people as we demand immediate action to avert a looming danger and save our democracy.
It pointed out that the “recent revelation that NNPCL purchased fuel from Dangote Refinery at N898 per litre, contradicting earlier claims of N760 per litre, has sparked outrage. This discrepancy raises questions about transparency, accountability, and the potential for exploitation of the ordinary citizens.”
“We urge the federal government to intervene immediately and ensure that the pricing of petrol from Dangote Refinery is fair, reflective of production costs, and aligned with global standards,” the organisation stated.
The CNPP warned that the high pump price of petrol in Nigeria has a “direct impact on the cost of living, exacerbating hunger and hardship among the masses.”
“With fuel queues a common sight and prices tripling since the subsidy removal in May 2023, citizens are bearing the brunt of the inefficient energy policies of the President Bola Ahmed Tinubu administration.
“The CNPP therefore warns that if this crisis is not addressed within the next seven days, it may lead to a national outcry, threatening democracy in Nigeria and Africa,” it noted.
Speaking on the role of NNPCL and querying if it constitutes economic sabotage or protectionism, the CNPP stated that, “NNPCL’s interference in the distribution of locally refined petroleum products is nothing but national economic sabotage in an effort to conceal information and prevent Dangote Refinery from directly selling its petroleum products to marketers.
“NNPCL constituting itself as a middleman in the distribution of locally refined products undermines the oil refining companies’ potential to provide relief to Nigerians.
“We demand that the Federal Government of Nigeria, through its company, the NNPCL, ceases its meddling and allows Dangote Refinery to operate freely, ensuring competitive pricing and supply.”
Insisting the matter has impacts on democracy and accountability, the CNPP called on “the international community to hold the Federal Government and NNPCL accountable for their actions if this crisis escalates and breeds anarchy that threatens democracy in Nigeria and Africa.
“The concealment of information and lack of transparency in NNPCL’s operations are unacceptable.
For instance, NNPCL is said to be using crude oil for debt repayments either on its behalf or on behalf of the Nigerian federal government.
“But this has remained a secret or a mere speculation. If it is true, did the National Assembly approve such extra-budgetary expenditures? What are the processes and procedures adopted by the NNPCL leading to any agreement on loan repayment with our crude oil? Does the NNPCL under the Petroleum Industry Act own Nigeria’s crude oil to decide to do with it as it wishes? The CNPP strongly demands that the Federal Government categorically answer these questions as Nigerians deserve to know.
“The CNPP equally demands that President Tinubu officially directs that Dangote Refinery and other local refineries, as private businesses, operate without undue interference from the NNPCL,” CNPP stated.
While calling for immediate action, the CNPP said, “We also urge the Federal Government to immediately resolve the pricing controversy surrounding Dangote Refinery, ensure transparent and competitive pricing of petrol, allow Dangote Refinery and other local refineries to sell their products directly to petroleum marketers in Nigeria, address the high cost of living and alleviate hunger and hardship among the masses, and enforce presidential directive on an adequate supply of crude oil for domestic consumptions to Dangote Refinery and other local refineries in naira.
By Adedapo Adesanya
Food Concepts Plc neutralized the gains recorded by three securities, returning the NASD Over-the-Counter (OTC) Securities Exchange into the negative territory with a 0.27 per cent loss on Thursday, December 4.
Yesterday, the share price of the parent company of Chicken Republic and PieXpress declined by 34 Kobo to sell at N3.15 per unit compared with the previous day’s N3.49 per unit.
This shrank the market capitalisation of the OTC bourse by N5.72 billion to N2.136 billion from N2.142 trillion and weakened the NASD Unlisted Security Index (NSI) by 9.57 points to 3,571.53 points from 3,581.10 points.
Business Post reports that Central Securities Clearing System (CSCS) Plc went down by 50 Kobo to N38.50 per share from N38.00 per share, FrieslandCampina Wamco Nigeria Plc gained 29 Kobo to sell at N55.79 per unit versus N55.50 per unit, and Geo-Fluids Plc added 5 Kobo to close at N4.60 per share compared with Wednesday’s closing price of N4.55 per share.
Trading data indicated that the volume of securities recorded at the session surged by 6,885.3 per cent to 4.3 million units from the 61,570 units posted a day earlier, the value of securities increased by 10,301.7 per cent to N947.2 million from N3.3 million, and the number of deals went up by 146.7 per cent to 37 deals from the 15 deals achieved in the previous trading session.
At the close of business, Infrastructure Credit Guarantee Company (InfraCredit) Plc was the most traded stock by value on a year-to-date basis with the sale of 5.8 billion units for N16.4 billion, trailed by Okitipupa Plc with 170.4 million units worth N8.0 billion, and Air Liquide Plc with 507.5 million units valued at N4.2 billion.
InfraCredit Plc also finished the session as the most traded stock by volume on a year-to-date basis with 5.8 billion units transacted for N16.4 billion, followed by Industrial and General Insurance (IGI) Plc with 1.2 billion units sold for N420.2 million, and Impresit Bakolori Plc with 536.9 million units traded for N524.9 million.
By Dipo Olowookere
The upward trend witnessed at the Nigerian Exchange (NGX) Limited in recent sessions continued on Thursday as it further improved by 0.10 per cent.
This was despite investor sentiment turning bearish after the local equity market ended with 23 price gainers and 28 price gainers, indicating a negative market breadth index.
UAC Nigeria gained 10.00 per cent to finish at N88.00, Morison Industries appreciated by 9.94 per cent to N3.54, Ecobank rose by 8.53 per cent to N36.90, and Coronation Insurance grew by 8.47 per cent to N2.56.
On the flip side, Ellah Lakes depreciated by 10.00 per cent to N13.14, Eunisell Nigeria also shed 10.00 per cent to finish at N72.90, Transcorp Hotels slipped by 9.95 per cent to N157.50, Omatek shrank by 9.23 per cent to N1.18, and Guinea Insurance dipped by 8.46 per cent to N1.19.
Yesterday, the All-Share Index (ASI) went up by 152.28 points to 145,476.15 points from 145,323.87 points and the market capitalisation chalked up N97 billion to finish at N92.726 trillion compared with the previous day’s N92.629 trillion.
Customs Street was bubbling with activities on Thursday, though the trading volume and value slightly went down, according to data.
A total of 1.9 billion stocks worth N19.2 billion exchanged hands in 23,369 deals during the session versus the N2.3 billion valued at N21.0 billion traded in 21,513 deals a day earlier.
This showed that the number of deals increased by 8.63 per cent, the volume of transactions depleted by 17.39 per cent, and the value of trades decreased by 8.57 per cent.
For another trading day, eTranzact led the activity chart with 1.6 billion units sold for N6.4 billion, Fidelity Bank traded 31.0 million units worth N589.3 million, GTCO exchanged 28.3 million units valued at N2.5 billion, Zenith Bank transacted 27.1 million units for N1.6 billion, and Ecobank traded 21.9 million units worth N744.3 million.
By Adedapo Adesanya
The Naira marginally depreciated against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, December 4 amid renewed forex pressure associated with December.
At the official market yesterday, the Nigerian currency lost 0.01 per cent or 18 Kobo against the Dollar to close at N1,447.83/$1 compared with the previous day’s N1,447.65/$1.
It was not a different scenario with the local currency in the same market segment against the Pound Sterling as it further shed N15.43 to sell for N1,930.97/£1 versus Wednesday’s closing price of N1,925.08/£1 and declined against the Euro by 20 Kobo to finish at N1,688.74/€1 compared with the preceding session’s N1,688.54/€1.
Similarly, the Nigerian Naira lost N5 against the greenback in the black market to quote at N1,465/$1 compared with the previous day’s value of N1,460/$1 but closed flat against the Dollar at the GTBank FX counter at N1,453/$1.
Fluctuations in trading range is expected to continue during the festive season as traders expect the Nigerian currency to be stable, supported by intervention s by to the Central Bank of Nigeria (CBN)in the face of steady dollar demand.
Support is also expected in coming weeks as seasonal activities, particularly the stylised “Detty December” festivities, will see inflows that will give the Naira a boost after it depreciated mildly last month, according to a new report.
“As the festive Detty December season intensifies, inbound travel, tourism spending, and diaspora inflows are expected to provide moderate support for FX liquidity,” analysts at the research unit of FMDA said in its latest monthly report for November.
Traders cited by Reuters expect that the Naira will trade within a band of N1,443-N1,450 next week, buoyed by improved FX interventions by the apex bank.
Meanwhile, the crypto market was down as the US Federal Reserve’s preferred inflation gauge, core PCE, likely rose in September—moving in the wrong direction. However, volatility indices show no signs of major turbulence.
If the actual figure matches estimates, it would mark 55 straight months of inflation above the US central bank’s 2 per cent target. The sticky inflation would strengthen the hawkish policymakers, who are in favour of slower rate cuts.
Ripple (XRP) depreciated by 4.5 per cent to $2.08, Solana (SOL) went down by 3.8 per cent to $138.11, Litecoin (LTC) shrank by 3.1 per cent to $83.23, Dogecoin (DOGE) slid by 2.5 per cent to $0.1463, Cardano (ADA) declined by 2.1 per cent to $0.4368, Bitcoin (BTC) fell by 0.9 per cent to $91,975.45, Binance Coin (BNB) crumbled by 0.9 per cent to $899.41, and Ethereum (ETH) dropped by 0.7 per cent to $3,156.44, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.
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